Morgan Stanley to Cut 1600 Jobs

NEW YORK (TheStreet) -- Morgan Stanley(MS) will cut 1,600 jobs from its investment bank in the coming weeks, people familiar with the matter confirmed to TheStreet on Wednesday.

The cuts amount to 6% of the total workforce within its institutional securities group and infrastructure support. About half of the cuts will be in the U.S. The layoffs will be across the board, though there will be a focus on senior employees.

The downsizing effort is in addition to layoffs announced last year, when the bank reduced its staff by 7%.